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1. Draw a world demand curve for bananas. A cartel, OBEC, the Organization of Banana Exporting Countries, is founded in an attempt to drive up the world price of ba- nanas. Add a marginal revenue curve corresponding to the demand curve and a marginal cost curve representing the sum of the marginal cost curves of the cartel members. Identify the quantity that would maximize profits for the industry and the price the cartel would charge.
2. Draw a downward-sloping demand curve and the corresponding marginal revenue curve for a monopolistically competitive firm. Add a marginal cost curve and an average total cost curve so that the firm is in long-run equilibrium. Identify the price it would set and the quantity it would choose to produce.
Is it possible for average total cost to be decreasing over a range of output where marginal cost is increasing? Briefly explain.
An economy is operating with output $400 billion below its natural rate, and fiscal policy-makers want to close this recessionary gap. The central bank agrees to adjust the money supply to hold the interest rate constant, so there is no crowding o..
As you also know, not every state has taken advantage of this Medicaid expansion. What economic argument can you make for expanding Medicaid? What argument would you make for not expanding? Does the answer change if you're answering from a state l..
Describe a specific tariff, an ad valorem tariff, and compound tariff. What are the advantages and disadvantages of each?
List shortly two aspects on how US government revenues or spending patterns differ from average spending or revenue patterns of an average OECD country
suppose that in an attempt to raise more revenue nobody state university increases its tuition. will this necessarily
a monopolist has a constant marginal and average cost of 10 and faces a demand curve of qd 1000 - 10p. marginal
select an organization that would benefit from a new focus on creativity and innovation.assume the role of a consultant
demonstrate graphically the cost of income taxation of 30 to consumers and producers for an income of 27908?how does
What is an "oligopoly" and why do they exist? Mention three or four oligopolies whose products you own or regularly purchase.
Which is the considered a cause of inflation. Producers raise prices to meet higher costs,There is not enough money in the economy or else.
Consider a supplier of agricultural equipment who is deciding how much of two products should be produced by his firm. You determine what the two products are.
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